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BASF Expect to Cut 800 Jobs, Mostly in USReuters
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November 2, 2006
NEW YORK - German chemical company BASF (BASF.DE: Quote, Profile, Research) said on Thursday that it expects to cut 800 jobs, mostly in the United States, with a one-time cost of $120 million following its purchase of Engelhard in June.
The company said that it expects synergies of $200 million by 2010 from the acquisition. Almost half of the synergies will be achieved by 2007 and more than 80 percent by 2008, it said.
The catalysts division and major related research activities will be in Iselin, New Jersey, while BASF's headquarters in North America will remain in Florham Park, New Jersey.
http://today.reuters.com/news/articleinvesting.aspx?view=CN&storyID=2006-11-02T131549Z_01_WEN8893_RTRIDST_0_CHEMICALS-BASF-URGENT.XML&rpc=66&type=qcna
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